Man GLG Continental European Growth Fund Professional Accumulation Shares (Class C)
Rated Fund 2016-2018. Seeks companies with strong market positions
This fund has been managed by Rory Powe since 2014. Powe has a near 30-year history of running European equity funds, having learned valuable lessons after coming unstuck in early 2000 when the technology bubble burst. His current fund is already showing the benefit. Nowadays, the companies in which he invests have to pass a number of stringent criteria before they are included in his portfolio, which consists of between 30 and 40 holdings from a list of more than 2,000 possibilities. However, they can be of any size and from any country or industry in continental Europe.In order to pass Powe's selection process, companies must display several characteristics that are sustainable over the long term. Companies must enjoy a leadership position in their marketplace to ensure that they have pricing power. They have to demonstrate an ability to grow and achieve rising profits and strong free cash flows as well as exhibiting financial strength generally. And their share price must also show growth potential.Powe divides the companies in his portfolio into two types. The first he describes as the fund's bedrock. These are companies that enjoy an established leadership position that gives them excellent prospects. This section always represents at least 50 per cent of the fund. The second type, which can account for up to a third of the portfolio, are companies that are emerging winners already enjoying clear competitive advantages. He expects more growth from these stocks, but they also involve greater risk.
Narrative and ratings content all as of 01 January 2018.See all Money Observer rated funds
|SAP SE||7.75 %|
|Ryanair Holdings PLCCFD||6.51 %|
|Chr. Hansen Holding A/S||5.87 %|
|Ferrari NV||5.41 %|
|Moncler SpA||5.27 %|
|ASML Holding NV||4.80 %|
|Delivery Hero AG||4.69 %|
|Carnival Corp||4.48 %|
|Partners Group Holding AG||4.20 %|
|Essilor International SA||4.17 %|
|Europe - ex Euro||25.66 %|
|United States||11.01 %|
|United Kingdom||6.07 %|
|Consumer Cyclical||30.60 %|
|Basic materials||8.75 %|
Rory is a long-only Portfolio Manager focusing on European growth stocks, and joined Man GLG (‘GLG’) in July 2014. Prior to this, he founded Powe Capital Management in 2001 and for 12 years managed its European funds. Before founding PCM Rory was a global partner at INVESCO, and ran their flagship continental European strategy for 10 years. He graduated from Trinity College, Oxford University, in 1985 with a BA (Hons) in Modern History. Rory has 27 years of European equity experience.
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